My husband turns 66 in March 2019. I turned 63 in December 2018. We are both planning to file for social security with in the next few months. He can collect about 1800 and month and I can collect about 1100. We have worked 45 years (me) and 50 years (husband). I am planning to retire before I earn the 2019 limit of 17,600. My husband will keep working cause he cant sit still. My question is in regard to advice given me by my financial planner. They tell me that my husband can collect on my earnings if he wants to wait until 70 to collect on his own earnings. He was the higher wage earner thanks to pre-tax ins, flex plans HSA, etc that my employer offered. I was told there is a magic date in that if my husband was born before1954 he can collect on my earnings while he waits until he turns 70.
So is this true? Does it make sense to do this? What are some of the pitfalls of filing this way? What if something happens to me? To him? Or should we just forget this and each collect on our own earnings?
Thank You
Teena

Hi Teena,

Yes, since your husband was born prior to January 2 1954 and if you're drawing your benefits, he could file a restricted application for just spousal benefits only as early as the month he reaches his full retirement age (FRA) of 66. That would allow him to draw a spousal benefit equal to 50% of your full retirement age benefit rate, or primary insurance amount (PIA). Your husband could then switch to his own retirement benefits at age 70, at which time his benefit rate would be 32% higher than if he had started drawing his retirement benefits at age 66.

If you were to die while your husband is drawing spousal benefits, his spousal benefits would convert to widower's benefits at a higher rate. He could still wait until age 70 to start drawing his own retirement benefits. Or, if your husband dies before reaching age 70 you could continue drawing your own retirement benefits until FRA, at which time you could file for widow's benefits and receive a combined benefit rate equal to the amount that your husband would have received if he had started drawing his retirement benefits effective with his month of death.

Additionally, if your husband waits until age 70 to start drawing his benefits and he subsequently dies before you, your widow's rate would also include the 32% increase that your husband earned by waiting until age 70 to claim his retirement benefits. The only downside of this strategy would be that your husband would receive a lower benefit rate for the 4 years from age 66 to 70, but you'd probably more than make up that difference in the form of his higher retirement benefits and your higher potential widow's benefits. You and your husband should strongly consider using our software to explore and compare your options to be sure that you fully understand the long term effects of your decision on when to start drawing your benefits.

Best, Jerry